FACTA Requirements for Credit Card Receipts

The Fair and Accurate Credit Transactions Act outlines a few simple requirements for credit card receipts to protect consumers from fraud and identity theft. FACTA is most effective when consumers are aware of the rules and aware of the specific things to check for on their receipts. Responding to violations of FACTA’s requirements for credit card receipts can help protect your information and the information of countless others, and may even result in financial compensation.

Background of FACTA

The Fair and Accurate Credit Transaction Act, more simply referred to as FACTA, was created to enforce basic requirements for credit card receipts to protect sensitive account information, thereby protecting consumers in turn.

There are actually only a few requirements for credit card receipts in FACTA. Despite this, many consumers do not know the specifics of FACTA consumer receipt laws, which would help to enforce the laws and protect their own information. FACTA was first passed in 2003, and its requirements for credit card receipts been in full force since 2006.

FACTA laws are meant to prevent credit card and debit card information from falling into the hands of those who will use it for identity theft and fraud. Problems with identity theft and fraud are a growing concern across the country, and even if it is stopped quickly, it can be extremely complicated and harmful to consumers.

FACTA Requirements for Credit Card Receipts

FACTA has two significant requirements for credit card receipts, both revolving around the truncation (shortening or censoring) of card information.

First, only the last five digits of a card number can be displayed on receipts, and the rest of the digits in the number must be censored. Many businesses choose to censor everything but the last four digits. The other of the major FACTA requirements for credit card receipts is that no portion of a card’s expiration date may be printed on a receipt.

FACTA requirements for credit card receipts apply to any that are printed by machines. This applies to most receipts, as very few businesses still use hand-written receipts.

If these rules are not followed, businesses have committed a FACTA violation that may be penalized. In many cases, just one machine that does not comply with FACTA law can affect hundreds or even thousands of customers. This means that reporting a FACTA violation can help not just you, but hundreds or even thousands of other consumers as well.

FACTA Lawsuits

Plaintiffs who bring a civil FACTA lawsuit can receive a statutory damage award of up to $1,000 per violation of FACTA’s requirements for credit card receipts. This does not require having actually been injured by identity theft or another problem, since the award is from the FACTA violation itself.

Large businesses who have printed thousands of FACTA non-compliant receipts may be heavily penalized for breaking these important consumer receipt laws, given that each violation may cost them up to $1,000.

Proving that a business violated FACTA requirements for credit card receipts is fairly simple. Take note of whether or not your receipts follow FACTA regulations for both card numbers and expiration dates. If they do not, then you may file a FACTA lawsuit against the business at fault.

Free FACTA Class Action Lawsuit Investigation

If you made one or more purchases and the retailer provided you with a receipt that contained more than the last five digits of your credit or debit card number or the expiration date, you may be eligible for a free class action lawsuit investigation and to pursue compensation for these FACTA violations.

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